The Cost Of Obtaining A Higher Education - 1633 Words

40,000,000 can be an extremely daunting number. This number is the approximate amount of people in the United States that owe a collective total of $1.2 trillion in student loan debt (Dynarski par. 1). They are only gigantic numbers on paper, but in real life, their meaning is life changing. People are struggling in ways that those viewing the numbers can barely fathom, and the effects are alarming. The cost of obtaining a higher education is showing problems for the people, the economy, and the future of America. Jeff Rausch finds the statistic alarming- $1.2 trillion is owed by those of college age- young adults working for a better future (Dynarski par.1). With his background in business with a degree from Alfred University, he†¦show more content†¦The government has stated an inflation of 107% since 1992 in the sticker prices of college- and while the average cost of college after aid and scholarships has risen only 22%, it is still well above what is considered to be af fordable (Leonhardt par. 214). The increase in the ability to obtain federal loans with an increased loan limit seemed like a plan to assist students in gaining the funds they needed, which turned into a downward spiral. This increase in the loan limit caused a drive in inflation, and the cost of college went up. Students almost doubled their monthly payments in the four years following the increase in the loan limit, showing that what started as a life line quickly turned into a nightmare (Sullivan par. 9). As students were attempting to do what was best for their future, they were being met with a back-breaking load of debt and inflation. When taking a look into the whirlwind of higher education costs, the personal effects are often overlooked. The effects on both the students, as well as their families, can be detrimental. Rausch is not surprised by the fact that 45% of loaners have stalled life events, such as purchasing a home, getting married, and having kids, due to the num ber hanging over their head and their desperate attempts to pay it back (Mulhere par. 2). Rausch was lucky enough to have most of his schooling covered by scholarships and tuition remission, but he knows that he could not be where he